PH stocks post modest gain after US Fed pledge
The local stock barometer firmed up on Thursday, tracking mostly buoyant regional markets as investors welcomed signals by the US Federal Reserve that monetary stimulus would remain in place.
The Philippine Stock Exchange index (PSEi) added 64.02 points, or 0.98 percent, to close at 6,630.85. Investors are banking on sustained US stimulus amid a stronger US economic outlook and an expected surge in inflation.
2-percent rise
At the local market, the financial and property counters both rose by over 2 percent, while the mining/oil counter added 1.58 percent.
The industrial and services counters rose by less than 1 percent.
On the other hand, the holding firm counter slipped by 0.06 percent.
Value turnover for the day amounted to P8.85 billion. Domestic hands kept the market afloat as foreign investors were net sellers to the tune of P808.82 million.
Article continues after this advertisementAdvancers overwhelmed decliners, 149 to 64, while 41 stocks were unchanged.
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The PSEi was boosted by the gains of grocery chain operator Puregold, which rose by 5.23 percent, while property giant SM Prime gained 3.71 percent.
BPI, BDO and Bloomberry all gained over 2 percent.
Universal Robina Corp. added 1.2 percent, while Ayala Land, Jollibee and JG Summit all rose by less than 1 percent.
Outside the PSEi, notable gainers included Leisure & Resorts World Corp. and Abacore, which surged by 6.34 percent and 4.85 percent, respectively.
On the other hand, SM Investments and PLDT fell by over 1 percent, while ICTSI and Ayala Corp. mostly slipped.
Notable decliners outside the PSEi included Prime Media, which slid by 23 percent, while Basic Energy lost 3.7 percent.
